Privately owned, nationwide, community-focused mortgage lender Land Home Financial Services Inc. (Land Home) recently introduced House2Home, an exclusive down payment assistance and educational program aimed at helping prospective first-time and repeat home buyers achieve the dream of homeownership.
The timing of the introduction of this new program could not be better, as the Trump administration recently announced that June is National Homeownership Month.
Down payment assistance has become an important topic for mortgage lenders in recent years because coming up with a down payment has become a major hurdle for first-time home buyers.
In addition, rising home prices and a lack of inventory are making it difficult for first-time home buyers to find homes they can afford. The fact that builders aren’t bringing many new products online is also adding to the problem.
“Owning a home has long been a pillar in the proverbial American Dream,” says Brad Waite, president and CEO of Land Home, in a release. “At Land Home, we understand the need to create, package and deliver assistance programs that make that dream a reality for all who are able and willing.”
House2Home is a suite of community grant programs providing down payment assistance in the form of a grant (gift money up to 5%), combined with a purchase money first-lien mortgage for buyers on their primary residence.
The program is compatible with single-family rental, condo, planned unit development and manufactured housing and is determined by median income levels.
House2Home is available for all product types – Federal Housing Administration, Veterans Affairs, U.S. Department of Agriculture and conventional loan programs geared to accommodate the financing most suitable based on borrower needs and requirements.
“We are proud to do our part in ensuring the vitality of our housing community and, in doing so, contribute to the overall health of the American economy,” says Brenda Usher, chief operating officer for Land Home.
Land Home made news on MortgageOrb in April when it announced that it had recently completed its first e-closing via its retail origination channel, in collaboration with MERSCORP Holding Inc. and Fannie Mae.
The lender reports that it has been working toward a compliant, next-generation digital mortgage solution for about the past year. This completely electronic closing process involved the use of an e-note.
“Offering e-closing has long been a goal at Land Home, as it unifies the needs and desires of our clients with the regulatory ambition of the Consumer Financial Protection Bureau,” Waite says in a separate release.
Many lenders are now adopting e-mortgage technology in order to meet the needs of millennials, who are almost entirely using online and mobile technology to shop for homes and apply for mortgages. The goal is to create a more simplified and seamless mortgage experience – from application through closing – that takes less time and involves far less paper.
Land Home also worked with PeirsonPatterson LLP, a Dallas-based financial services compliance and technology firm; FirstFunding Inc., a Dallas-based privately held non-depository (non-bank) financial services company; and Placer Title Co./National Closing Solutions to process, update and secure its first e-closing.